The Aussie market closed mildly ahead today with gains seen in smaller miners and retailers while most of the banks declined.
The S&P/ASX 200 Index finished 12 points higher at 4,774 while on the futures market, the SPI200’s up 23.
In company news: National Bank of Australia (ASX:NAB) has become the next major bank to respond to the Reserve Bank’s interest rate lift this week and has raised its standard variable mortgage rate by the same amount as the central bank's increase – 25 basis points. Westpac made the controversial move of lifting its rates by 45 basis points and today NAB said that while funding costs are expected to increase further, it decided that improving its reputation and relationships with customers is core to the long-term sustainability and success of the business. NAB shares closed 0.42% lower at $28.68.
Myer Holdings’ (ASX:MYR) chief executive Bernie Brookes said today that Christmas sales are tracking in line with forecasted 2010 sales growth of three per cent. He said he is expecting it to be good, not a great Christmas in terms of sales but exact sales are too hard to call. Sales of gift cards were up by between and 30 and 40 per cent compared to last year and the company expect the cards to be used in the post-Christmas sales period. Myer shares finished 2.14% higher at $3.82.
Also making news: Coal seam gas producer Arrow Energy (ASX:AOE) said it has exceptional early results from its $300 million exploration drilling program.
Stockbroker Bell Financial Group (ASX:BFG) says its pre-tax profit for the 11 months to November was 92 per cent higher than the previous corresponding period due to an increase in equity markets transactions and growth in funds under management.
Some of the stories covered in earlier reports: Woodside Petroleum (ASX:WPL) said at a briefing this morning that it would be happy to increase its stake in the Browse gas project in Western Australia if the opportunity arose. Woodside and other project partners BHP Billiton, BP, Royal Dutch Shell have been issued with an April deadline from the WA Department of Mines and Petroleum to use or lose the lease on the resource.
Nufarm (ASX:NUF) told shareholders at its annual general meeting today that it expects first-half earnings to be lower than the same period a year ago but said full year operating profit will beat the 2009 result.
In the best and worst performers: The best performing sector today was the Consumer Discretionary index, which was up 15 points to 1,620. The worst performing by percentage points was the Real Estate Investment Trust index; which lost 9 points to 855.
The best performing stock in the S&P/ ASX200 was Incitec Pivot and shares gained 6.8% to $3.14. Shares in Murchison Metals rallied in the stock’s heaviest trading in two years, adding to a 10 percent gain yesterday. Perpetual shares also improved.The worst performing stock was Paperlinx and shares lost 3.92% to $0.49. Viterra and Dexus Property shares also closed lower today.
In commodities, gold is trading at $1,221.90 U.S an ounce and since this morning light crude is up 28 cents at $76.88 U.S a barrel.
